UPB of approximately $38.6 billion. Litton Loan Servicing signed a consent order over their loan servicing practices. In April 2012, Ocwen closed on the purchase of approximately $22 billion of mortgage servicing rights from Saxon Mortgage Services, a unit of Morgan Stanley. Saxon Mortgage signed consent orders with federal regulators because of its mortgage loan servicing practices. In June 2012, Ocwen completed its purchase of Aurora Bank's commercial servicing rights portfolio. In October 2012, Ocwen announced plans to buy Homeward Residential Holdings, Inc. from WL Ross & Co. for $750 million. Homeward consisted of the mortgage servicing from American Home Mortgage and Option One Mortgage. The acquisition was finalized on December 27, 2012. As a result of the acquisition, the Jacksonville, Florida site was closed laying off all 370 employees and 325 employees at Homeward's Coppell, Texas location were laid off. In October 2012, Ocwen also partnered with Walter Investment Management Corp. to place the winning $3 billion bid for Residential Capital's mortgage-servicing and origination assets at a bankruptcy auction. Additionally, the company entered into an agreement with Genworth Financial Corp. to acquire Genworth Financial Home Equity Access Inc. for $22 million. In February 2012, Gleacher & Co. announced the sale of its mortgage unit ClearPoint to Ocwen. In June 2013, Ocwen Financial Corp. (OCN), a provider of loan and asset-management services, agreed to buy contracts to handle payment collections on about $78 billion of mortgages from OneWest Bank FSB for $2.53 billion. On February 27, 2018, Ocwen Financial Corporation entered into definitive agreement to acquire PHH Corporation for $360 million. On October 4, 2018 Ocwen Financial Corporation officially acquired PHH Corporation for approximately $360 million. Along with the acquisition, Ocwen announced Glen A. Messina would become the President and CEO and a member of Ocwen's Board of Directors. Status of Ocwen due to merger with PHH Mortgage On June 6, 2019 Ocwen Financial Corporation/Ocwen Loan Servicing is merging all loans that are currently serviced by Ocwen Loan Servicing into PHH Mortgage. The merger also allows more for both of the companies because PHH Mortgage does do actual new mortgages and refinance rather than Ocwen before just doing servicing of loans. On October 4, 2018 Ocwen Financial completed its acquisition of PHH Corporation and is now a wholly owned subsidiary of Ocwen Financial Corp. Home Affordable Modification Program Ocwen is a participant in the U.S. Treasury Department's Home Affordable Modification